Just starting out in your Forex trading journey? Then our beginner articles are just for you.
Do you already have a good understanding of the market? Check out our Advanced articles for more.
At the beginning of our journey as Forex traders, we cannot focus on every aspect of our trading – From risk management, money management, psychology, and our individual perspectives on the market.
Granted, it is tough to focus on every aspect of trading initially, or ever for that matter.
“One of the biggest reasons why I struggled with trading for so long was because I valued other people’s opinions over my own. When you respect others so greatly, it can be challenging to trust yourself when there’s conflict. Believe in yourself. You got this!”
For the past two weeks, I’ve been focused on my psychology and not so much on the numbers. By the numbers, I mean how much money I am losing or making at a given time – these two weeks have had ABSOLUTELY NOTHING to do with money.
Consumer price index (CPI) is a measure of inflation within a region that calculates the average change in the cost of goods and services.
A consistent set of metrics is used when calculating CPI, including – Transport, energy, food, housing, medical care, education, and recreational spending.
All the time, people will think of Forex trading as an intimidating thing or skill. Still, when I look back, I can’t really pinpoint how I came to know what I know now about trading the Forex market.
I completely understand a beginner’s pain hearing all these terms like “Spread” or “Margin” or even “Pips.”
GDP stands for gross domestic product, representing the total value of goods and services produced within a country.
The standard formula used to calculate GDP is the following:
Gross domestic product = Consumption + Government spending + Investments + (Exports – Imports)
In a world where information is just one click away, it is easy to find 1000 opinions that differ from your own. This makes it extremely difficult to believe in your trades and manage them correctly.
Fortunately, there are ways to focus on your own game.
Now I’m not talking about banks because you definitely want to JOIN them (unless you are leaving Forex trading entirely).
What I am talking about is currency pairs. When you go deep into Forex trading, you might hear some traders say, “I’m a USD specialist” or “JPY specialist,” which implies you’ve studied the levels and price action of those particular pairs.
You know, for the longest time, I didn’t understand why I felt I was risking too much when in fact, I was risking my usual 2% per trade and nothing more (except for in my ill-disciplined days!)
This discovery led me to wonder whether my lot sizes were right and if I measured my targets correctly.
Never! Ever! Trade against the big banks! Ever! You might hear the same advice in your trading circles throughout your Forex trading career and think if EVERYBODY thinks so, then it must be true.
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